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Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+'

Published May 24, 2017

3 pages (1115 words) — Published May 24, 2017

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Abstract:

NEW YORK (S&P Global Ratings) May 24, 2017--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s $500 million senior unsecured notes due in 2025. The debt rating is one notch below the 'BB-' long-term issuer credit rating on Navient because the company's tangible unencumbered assets are less than its outstanding unsecured debt. We exclude from unencumbered assets the company's overcollateralization balances associated with its asset-backed securities trusts. Navient intends to use the proceeds for general corporate purchases, including debt repurchases. RELATED CRITERIA Criteria - Financial Institutions - General: Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies, Dec. 9, 2014 Criteria - Financial Institutions - General: Nonbank Financial Institutions Rating Methodology,

Brief Excerpt:

...NEW YORK (S&P Global Ratings) May 24, 2017--S&P Global Ratings today said it assigned its 'B+' debt rating on Navient Corp.'s $500 million senior unsecured notes due in 2025. The debt rating is one notch below the '##-' long-term issuer credit rating on Navient because the company's tangible unencumbered assets are less than its outstanding unsecured debt. We exclude from unencumbered assets the company's overcollateralization balances associated with its asset-backed securities trusts. Navient intends to use the proceeds for general corporate purchases, including debt repurchases. RELATED CRITERIA + Criteria - Financial Institutions - General: Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies, Dec. 9, 2014 + Criteria - Financial Institutions - General: Nonbank Financial Institutions Rating Methodology, Dec. 9, 2014 + General Criteria: Group Rating Methodology, Nov. 19, 2013 + Criteria - Financial Institutions - Banks: Quantitative...

Report Type:

Ratings Action

Issuer

Navient Corporation

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

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Navient Corp. – 2017/09/27 – US$ 500.00

Summary: Navient Corp. – 2017/09/27 – US$ 225.00

Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+' – 2018/06/07 – US$ 150.00

Research Update: Navient Corp. Outlook Revised To Stable On Strengthened Capital Adequacy And Access To Funding; 'BB-' Rating Affirmed – 2018/08/15 – US$ 225.00

Navient Corp.'s $750 Million Senior Unsecured Notes Rated 'B+' – 2017/03/03 – US$ 150.00

Research Update: Navient Corporation Issuer Credit Rating Lowered To BB-, Unsecured Debt Ratings Lowered to B+ On Recent Litigation Risk – 2017/01/25 – US$ 225.00

Navient Corp. – 2016/12/15 – US$ 500.00

Summary: Navient Corp. – 2016/12/15 – US$ 225.00

Research Update: Navient Corp. 'BB' Issuer Credit Rating Affirmed; Outlook Remains Negative; 'BB-' Unsecured Debt Rating Affirmed – 2016/11/17 – US$ 225.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:	S&P Global Ratings’ Credit Research. "Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+'" May 24, 2017. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-500-Million-Senior-Unsecured-Notes-Rated-B-1855324>

APA:	S&P Global Ratings’ Credit Research. (). Navient Corp.'s $500 Million Senior Unsecured Notes Rated 'B+' May 24, 2017. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Navient-Corp-s-500-Million-Senior-Unsecured-Notes-Rated-B-1855324>

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